After the boom in IT and technology, Data analytics is a field that is in great demand these days. You must have seen catchy advertisements about courses in analytics. But what exactly is this? If you are aware of Computer Programming languages and you understand the database systems , you will understand this easily. At a technical level, Data analytics is a combination of data extraction, programming, and statistics. But there is more to it. There is always a business problem associated with every task that you do. Hence, it requires your business understanding and strategy skills too.
If you love technology and have a perspective on business, this is a field for you. What makes this domain interesting is the variety of work available. There are short projects and business problems that are to be solved using data. There is a story and a pattern hidden in data and you need to unveil that mystery. Every project brings a fresh problem. So, you will never get bored of your work. Life becomes monotonous if you are doing the same work every day. But in analytics, you can actually fall in love with your work
In a typical project, You will be presented with a business problem along with past data. Let us take an example. You are given past data of a company that is undergoing heavy loss, You need to find a solution to their problem. Your approach will be to think of the reasons that have caused this situation – Was there a particular time period when the performance dropped? Are there some products that are not doing well ? It is possible that only a few products are loss making and discontinuing these products can be helpful. Are there some markets that have low sales? What is the reason of high cost to the company? Should the company increase prices of products?
The answers to these questions are present in the data. To extract those results, you need technical skills. Hence, Analytics is a combination of business and technology. That is why sometimes it is called Business Analytics.
Also, there are domain specific projects. Analytics will give you exposure to different domains – Banking, Insurance, Healthcare, Logistics, Retail.
The work in analytics is good and salaries are decent. Most companies have global clients and hence you get an opportunity to travel onsite and get a project abroad.
To enter this field, you must have either a B. Tech, MCA or some technical degree. Business economics and statistics degree will also work. There are some specific analytics courses in universities that are recently launched. If you are a fresher, many companies provide in-house training.
The technical skills required are not tough programming languages but a basic ability to write queries. Some preferable technical skills are SQL, SAS, VBA
Advanced analytics comprise of creating predictive models. This requires an understanding of statistics and data modelling. This is not a pre-requisite to enter this field. Mostly, people learn this on the job. But most analytics courses cover regression and statistics as part of the curriculum.